* Pawlenty was passed over as Romney's running mate
* Former Minnesota governor will be lobbyist for banks
* Pawlenty says still supports Romney
By Susan Heavey and Alexandra Alper
WASHINGTON, Sept 20 (Reuters) - Former Minnesota governor Tim Pawlenty quit his position in the campaign of Republican presidential candidate Mitt Romney on Thursday to become a leading Washington lobbyist for Wall Street banks. He said he continued to support Romney.
Pawlenty will be the head of the Financial Services Roundtable, a U.S. lobbying group that represents JP Morgan Chase & Co and Wells Fargo & Co, among other financial companies.
After giving up his own bid for the Republican presidential nomination last year, Pawlenty backed Romney and has been a national co-chairman of that campaign. Pawlenty was passed over to become Romney's vice presidential running mate in favor of Wisconsin Congressman Paul Ryan.
Pawlenty's departure comes as Romney is struggling to stabilize his White House bid after a secretly recorded video showed him disparaging a large part of the U.S. electorate.
While Pawlenty made regular appearances in the media to promote Romney, he was not a major figure in the former Massachusetts governor's campaign ahead of the Nov. 6 election.
Pawlenty takes over as president and chief executive officer of the industry group on Nov. 1 and will replace outgoing CEO Steve Bartlett, whose departure was announced earlier this year.
"Recognizing the bipartisan nature of the Roundtable, I have resigned from my position as the Romney national co-chair and continue, of course, to support Mitt," Pawlenty told reporters.
He said that the career move meant he would not play a role in a Romney administration if the Republican contender beats Democratic President Barack Obama.
Romney said Pawlenty will be missed on the campaign.
"While I regret he cannot continue as co-chair of my campaign, his new position advancing the integrity of our financial system is vital to the future of our country. I congratulate him on his new position and wish him every success in carrying out his new mission," Romney said in a statement.
As a top lobbyist, Pawlenty will play a major role in the industry's efforts to make the new Dodd-Frank rules, which Congress passed in 2010 in response to the 2007-2009 financial crisis, more favorable for Wall Street as regulators implement the law.
The measure - a response to the crisis fueled by risky financial swaps trading at some firms that required multibillion-dollar tax-payer bailouts - has yet to be fully enacted. Banks are still under fire from reform groups for their roles in the crisis.
"There is progress that has been made in terms of restoring the reputation and credibility of the financial services industry in this country, but more work needs to be done," Pawlenty told reporters.
While Pawlenty is generally regarded as a pro-business conservative, he has made comments critical of Wall Street.
"I went to Wall Street and told them to get their snouts out of the trough because they are some of the worst offenders when it comes to bailouts and carve-outs and special deals," Pawlenty said in June, 2011 at a Faith and Freedom Coalition Conference in Washington DC.
On Thursday, Pawlenty offered few specifics about the reforms he would seek as head of the group, but said the implementation of Dodd-Frank created some "challenges around vagueness and duplication of effort and oversight" that required refinement and clarification.
He also stressed that despite his role in the Romney campaign, he was well suited to reaching out to Democrats. "I understand the importance of taking a bipartisan approach to these issues ... and I have got a history and a record of doing that."
The Financial Services Roundtable represents 100 integrated financial services companies and accounts for $92.7 trillion in managed assets, $1.2 trillion in revenue, and 2.3 million jobs, according to the group.
The group spent $4.5 million on lobbying in the first two quarters of 2012.
Our 2024 Coverage Needs You
It's Another Trump-Biden Showdown — And We Need Your Help
The Future Of Democracy Is At Stake
Our 2024 Coverage Needs You
Your Loyalty Means The World To Us
As Americans head to the polls in 2024, the very future of our country is at stake. At HuffPost, we believe that a free press is critical to creating well-informed voters. That's why our journalism is free for everyone, even though other newsrooms retreat behind expensive paywalls.
Our journalists will continue to cover the twists and turns during this historic presidential election. With your help, we'll bring you hard-hitting investigations, well-researched analysis and timely takes you can't find elsewhere. Reporting in this current political climate is a responsibility we do not take lightly, and we thank you for your support.
Contribute as little as $2 to keep our news free for all.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
The 2024 election is heating up, and women's rights, health care, voting rights, and the very future of democracy are all at stake. Donald Trump will face Joe Biden in the most consequential vote of our time. And HuffPost will be there, covering every twist and turn. America's future hangs in the balance. Would you consider contributing to support our journalism and keep it free for all during this critical season?
HuffPost believes news should be accessible to everyone, regardless of their ability to pay for it. We rely on readers like you to help fund our work. Any contribution you can make — even as little as $2 — goes directly toward supporting the impactful journalism that we will continue to produce this year. Thank you for being part of our story.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
It's official: Donald Trump will face Joe Biden this fall in the presidential election. As we face the most consequential presidential election of our time, HuffPost is committed to bringing you up-to-date, accurate news about the 2024 race. While other outlets have retreated behind paywalls, you can trust our news will stay free.
But we can't do it without your help. Reader funding is one of the key ways we support our newsroom. Would you consider making a donation to help fund our news during this critical time? Your contributions are vital to supporting a free press.
Contribute as little as $2 to keep our journalism free and accessible to all.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
As Americans head to the polls in 2024, the very future of our country is at stake. At HuffPost, we believe that a free press is critical to creating well-informed voters. That's why our journalism is free for everyone, even though other newsrooms retreat behind expensive paywalls.
Our journalists will continue to cover the twists and turns during this historic presidential election. With your help, we'll bring you hard-hitting investigations, well-researched analysis and timely takes you can't find elsewhere. Reporting in this current political climate is a responsibility we do not take lightly, and we thank you for your support.
Contribute as little as $2 to keep our news free for all.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
Dear HuffPost Reader
Thank you for your past contribution to HuffPost. We are sincerely grateful for readers like you who help us ensure that we can keep our journalism free for everyone.
The stakes are high this year, and our 2024 coverage could use continued support. Would you consider becoming a regular HuffPost contributor?
Dear HuffPost Reader
Thank you for your past contribution to HuffPost. We are sincerely grateful for readers like you who help us ensure that we can keep our journalism free for everyone.
The stakes are high this year, and our 2024 coverage could use continued support. If circumstances have changed since you last contributed, we hope you'll consider contributing to HuffPost once more.
Support HuffPostAlready contributed? Log in to hide these messages.